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Henry takes out a $20,250 student loan to pay for college tuition this year. The interest rate he pays is 6% for 15 years. How much interest will he owe?

Henry takes out a $20,250 student loan to pay for college tuition this year. The interest rate he pays is 6% for 15 years. How much interest will he owe?
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2 votes
Henry takes out a $20,250 student loan to pay for college tuition this year. The interest rate he pays is 6% for 15 years. How much interest will he owe?

User Walter Bright
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1 Answer

2 votes

Answer:

$1215 x 15 = $18225 This is over 15 years.

User Yurzui
by
8.1k points
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